The Federal Reserve’s order restricting Wells Fargo puts other bank boards on notice that they could be singled out for failure to perform, but also makes it easier for them to avoid that fate.
The heads of the Securities and Exchange and Commodity Futures Trading commissions said they are not ignoring the fast-growing cryptocurrency sector and they have some oversight powers. But they indicated that they might need more.
The move is mainly in response to fintech firms that have long argued that the main route to doing business is by getting a license in each state, which can be a cumbersome and repetitive process.
Shares drop nearly twice as much as other bank stocks and the broader market; agency denies it’s looking to end the investigation into last year’s data breach.
It is unclear whether the Consumer Financial Protection Bureau is abandoning its supervisory oversight of Equifax or just taking a back seat to the Federal Trade Commission as the latter investigates the credit bureau.
If the Fed order is lifted quickly — a big if — then the impact on Wells should be minimal. But if it lingers past 2018, then the bank could find itself on the losing end of the battle for customers and top talent.
Credit standards for commercial loans to medium and large firms showed some signs of easing over the last three months of 2017, even though demand stayed relatively unchanged.
Bank stocks tumbled on Monday amid a wider sell-off as investors' concerns mounted that wage growth could lead to inflation, higher borrowing costs for businesses and a slowdown in Fed rate hikes.
Overstock will offer automated investing to its millions of shoppers. Some financial advisers reacted with a shrug, but are they underestimating the move?
